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Combine the first 6 ingredients to make the dry rub spice blend, and rub the spice blend all over the rib sections.
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Pre-heat the pressure cooker using the BROWN setting.
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Add the oil to the cooker and brown the ribs in batches. (Alternately, you can do this in a pan on the stovetop.) Remove the ribs and set aside. Add the onion and bay leaf to the cooker and sauté until the onion starts to soften slightly – about 5 minutes. Pour in the beef stock and place a rack in the bottom of the cooker. Place the browned ribs on the rack, and lock the lid in place. It’s ok to pile the ribs on top of each other in an uneven manner, or to place the ribs in standing up vertically.
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Pressure cook on HIGH for 30 minutes.
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While the ribs are cooking, combine the ketchup, molasses, cider vinegar, tomato paste and soy sauce in a small bowl.
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Let the pressure drop NATURALLY and carefully remove the lid. Remove the ribs and let them rest on a side plate. While the ribs are resting, pour the ketchup mixture into the cooker with the cooking liquid and return the cooker to the BROWN setting. Simmer the sauce ingredients for about 5 to 10 minutes to thicken.
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Brush ribs with BBQ sauce to coat both sides and serve.